SEC and Ripple have been in a lawsuit which landed a heavy blow on XRP towards the end of 2020.
The ongoing lawsuit caused a great decline in the price of XRP and also denied it the opportunity of moving during the January-February bull run which saw major cryptocurrency hitting new all time high.
The San-Francisco based payment processing firm, Ripple, after their last court hearing was able to prevent the SEC from accessing its legal communication.
The legal communication is the major area of interest on which the Securities and Exchange Commission (SEC) have their strength.
Sarah Netburn, the judge presiding over the legal battle between Ripple and the SEC, has rejected the agency’s motion to access any legal records of Ripple.
In a previous hearing, the judge has granted Ripple access to SEC internal memos.
SEC and cryptocurrency
The agency in charge of America securities and exchanges, SEC has been a thorn in the flesh for cryptocurrency projects.
It has been a blockage to successful launching of cryptocurrency in the United States.
One of the popular cryptocurrency projects that suffered under SEC is Libra, the proposed native coin of Facebook.
Hearing outcome and XRP
It feels like a bondage let loose as XRP pumps so hard while other cryptocurrency decline in price.
XRP hit $1 again within 24hours of the hearing and at the time of writing, it is trading above $1.
Btc on the other hand has been ranging between $38,000 and $35,000 while the price declines over the weekend.
The exiled coin, XRP is now back as the sixth cryptocurrency with a market cap of $46.57billion.
Is this the end of the lawsuit?
No, the case is still ongoing but during the last two hearings, the judge’s decision has been in favour of Ripple which is a good sign for XRP.
The movement in XRP is regarded as a fundamental analysis which is a move caused by news.